Topic: [GUIDE] How to place stop loss sell order. - page 2. (Read 406 times)

Still depends on what kind of trader you are but if you are a active one then using up these SL's would be beneficial.Even I do make use of these tools, i cant really
deny that price dumps can happen anytime but when you do set out some SL then make sure that it would be deep because price volatility can eat it up easily.
It can be easily triggered out and applying SL would depend on case to case basis just make it sure that you know on what you are doing.Btw, i do appreciate the guide which is good to read up
for newbies.

By the way stop losses don't always work as you intend.  If there is a major crash your order may not be executed so keep that in mind. 

I never use stop losses myself, whales go around trying to dip the markets to pick up stop loss orders.  Just buy and hold.

Hello everybody! Today I am going to share how you place a stop loss sell order for reducing losses in trading. So first need to know what is stop loss and why you use this service. I have collected the information about stop loss from wikipedia



So let's start:-

1. First, you need to open your favorite browser and log in the exchange account. I am showing you by using google chrome and binance exchange. After login, you can see this interface.




2. Choose your coin.



3. Click on the Stop-Limit



4. Then look at the sell area



On the number 2 photo, we can see the market price is around 0.0002260 btc. Suppose you want to hold the coin without losing more % even if the price will go down more when you are busy or sleeping. Then you can set a sell order at 2-3% low from the current price.

So now the question is what will happen after placing the stop loss sell order. Isn't it?

Ans: Now price around 0.0002260 btc. If you place a sell order at 0.00022 btc Then if the price will go up the order will be still on the place. Again if the price will go down then the coin will be automatically sold at your price  0.00022 btc.


5.


In this photo, we can see 2 rows on the sell area

Number 1: In this box, you need to set a price That if the price will touch then the token will be sold.
Number 2: In this box, you need to set a price that if number 1 price will touch then the sell order place/sold at this price.


6. Now if you think you will sell the coin when it will touch to 0.000222 btc and the coin will be sold at 0.00022 btc. So you need to set the order like this:-




7. After click on the sell button, you will see this pop-up window




That means if the price touch to 0.000222 btc then my coin will be sold at 0.000220 btc.

8. Tap on the Place order button.

Thus you can reduce the loss from higher to lower. Hope this post will help peoples who are now newbie in trading. Thanks to all

P.S: I am showing by kmd coin because only some kmd had in my account. If I made any mistake in this post please let me know Then I will update my post.